Page 13 - Banking Finance October 2023

MUTUAL FUND

Mutual Fund

News

Mirae Asset Mutual Fund The major quantum of net outflows open-ended fund of funds scheme in-
was witnessed by the categories hav- vesting in units of Global ETFs which
launches Mirae Asset S&P ing less than one year duration profile track the performance of developed

BSE Sensex ETF such as liquid, ultra short and low du- markets excluding US.
ration. Additionally, the banking and
Mirae Asset Mutual Fund has launched The performance of the scheme will be
Mirae Asset S&P BSE Sensex ETF, an PSU category also witnessed significant benchmarked against S&P Developed
open-ended scheme replicating/track- net outflows. Ex-U.S. BMI Total Return Index. The
ing S&P BSE Sensex Total Return According to the data, debt mutual scheme will be managed by Ankush
Index. The scheme will re-open for con- funds witnessed an outflow of Rs Sood (foreign investments), and Rakesh
tinuous sale and repurchase from Oc- 25,872 crore in August as compared to Shetty (debt investments).
tober 3. a net inflow of Rs 61,440 crore in the
The performance of the scheme will be preceding month. ICICI Prudential Mutual
benchmarked against S&P BSE Sensex "Given the current interest rate sce- Fund changes fund man-
TRI (Total Return Index). The scheme nario and uncertainty over the direc- agers for 3 schemes
will be managed by Ekta Gala and tion of interest rates in the country, it
Vishal Singh. appears that many investors continue ICICI Prudential Mutual Fund has an-
to adopt a cautious stance and wait for nounced change in fund managers for
Investors adopt cautious further indication on interest rates to its three equity schemes through a no-
stance; debt mutual funds make investment decisions. Also, a rally tice cum addendum.
in the equity markets could have also The fund house informed the investors
log Rs 25,872 crore out- prompted investors to shift their focus that the fund managers for ICICI Pru-
flow in August from debt to equity," Melvyn dential Smallcap Fund, ICICI Prudential
After witnessing staggering inflow in Santarita, Analyst - Manager Research Long Term Equity Fund (Tax Saving),
July, debt-oriented mutual fund at Morningstar India, said. and ICICI Prudential Transportation
schemes saw a withdrawal of Rs 25,872 and Logistics Fund (the schemes) have
crore last month as investors continue Motilal Oswal Mutual been changed.
to adopt a cautious stance amid the Fund launches Motilal In addition to the above changes,
current interest rate scenario in the Oswal Developed Market Sharmila D'mello will be the dedicated
US. Out of 16 debt categories, nine of fund manager for managing overseas
them witnessed net outflows during Ex US ETFs Fund of Funds investments, if any, for the above
the month under review, data with Motilal Oswal Mutual Fund has schemes. The above mentioned
the Association of Mutual Funds in In- launched Motilal Oswal Developed schemes are from small cap, ELSS, and
dia (AMFI) showed. Market Ex US ETFs Fund of Funds, an thematic fund categories.

BANKING FINANCE | OCTOBER | 2023 | 13